Regardless of what the change in price is, the fraction will always equal 0 if the top of the fraction is zero, and thus the elasticity of land supply is zero - perfectly inelastic.

Detailed Explanation: The Mona Lisa painting by Leonardo da Vinci has a perfectly inelastic supply curve. Elasticity of supply in … Perfectly elastic supply (e s = ∞): When supply of commodity expands (rises) or contracts (falls) to any extent without any change in its price; it is called perfectly elastic supply. For example, if supply is twice as elastic as demand, producers will bear one-third of the tax burden and consumers will bear two-thirds of the tax burden. Price elasticity of supply (PES) measures the responsiveness of quantity supplied to a change in price. It is necessary for a firm to know how quickly, and effectively, it can respond to changing market conditions, especially to price changes. The following equation can be used to calculate PES. The firm can supply an unlimited amount of product at that price. Unit elastic supply is referred to as a supply that is perfectly responsive to price changes.

The product's supply curve is vertical. In other words, any change in the price of a good with unit elastic supply results in an equally proportional change in quantity supplied. There is only one Mona Lisa painting, and it cannot be duplicated at any price. As you know, elastic supply happens when a producer is willing to supply an unlimited quantity at a given price or higher, but none at a lower price. A product has a perfectly inelastic supply when the quantity supplied is the same regardless of price. When supply is more elastic than demand, consumers will bear more of the burden of a tax than producers will. Perfectly Elastic Supply: The supply curve is horizontal due to the quantity supplied does not affect with the price fluctuations.

Supply elasticity of a good with unit elastic supply is 1 (unlike the demand curve, the supply curve is upward sloping; thus, the elasticity of unit elastic supply is simply 1).